This policy document has been written by Big Society Capital to take a deep dive into the data and insights from the Social Outcomes Contracts (SOC) market within Education and Youth Employment, and the opportunities they present.
In the UK, we still have pockets of deep inequality where despite best attempts children and young people from disadvantaged backgrounds are not getting the support they need to thrive within schools and as they enter the workforce.
Without the right support, they are more likely to face further significant challenges as they go through life. For instance, unemployment while young is linked to long-term reductions in wages, increased likelihood of subsequent periods of unemployment, and poorer health outcomes.
Social Outcomes Contracts can help: they are a proven way of shifting the focus to prevention and away from crisis response, which helps reduce the pressure on public services in the long term.
National and local Governments retain full accountability while services are delivered by local social sector organisations, who are given the flexibility they greatly need - and desire - to innovate and tailor services to individuals’ needs.
"Social Outcomes Contracts have been used to support young people who need it the most. The independent analysis shows that the approach has continuously evolved over the last decade to deliver real outcomes for people at better value to government." - Aman Johal, Investment Director, Big Society Capital